James Fielding Group and Leighton form infrastructure funds management joint venture

Issue Date:  21 January 2004
Issued By:  Leighton Holdings Limited

Company Announcements Office
The Australian Stock Exchange Limited
Level 4
20 Bridge Street
Sydney NSW 2000

Re: James Fielding Group and Leighton form infrastructure funds management joint venture

Dear Sir,

Please find attached copies of a media release and presentation to be issued today by the James Fielding Group and Leighton Holdings Limited.

Yours sincerely,

A.J. MOIR
Company Secretary


ASX ANNOUNCEMENT
James Fielding Group and Leighton form infrastructure funds management joint venture

Issue Date: 21 January 2004
Issued by: James Fielding Holdings Limited

James Fielding Group and Leighton Holdings Limited today announced the formation of a joint venture to pursue property related infrastructure funds management opportunities, with Leighton Holdings taking a 50 per cent interest in James Fielding Infrastructure, a division of the James Fielding Group.

James Fielding Group Managing Director, Mr Greg Paramor, said that James Fielding Infrastructure would continue to operate as a part of James Fielding Group, combining its specialist property, capital raising and funds management skills with the specialist infrastructure project origination and development skills of the Leighton Group.

“Securing the Leighton Group's support to expand our property related infrastructure funds management business is an exciting development in James Fielding’s strategy to become a major integrated property investment business.”

“The Leighton Group’s expertise in infrastructure project development and preeminent position in project origination provides James Fielding Infrastructure with the opportunity to secure high quality infrastructure assets for its investors.

“We see demand from investors wishing to participate in investment opportunities offered by the growing range of private sector funded infrastructure projects in Australia. James Fielding Infrastructure will act solely as the manager of infrastructure funds on behalf of such investors, and will not seek advisory roles thereby avoiding the conflicts of interest that can sometimes arise for funds managers,” said Mr Paramor.

James Fielding Infrastructure will focus on property related infrastructure projects in the economic, social and environmental sectors. James Fielding Infrastructure’s initial focus will be on seeking equity involvement in upcoming toll road and PPP projects around Australia, and it will soon launch a sustainable investment fund, which will acquire forestry assets in the first instance.

Leighton Holding Limited’s CEO, Mr Wal King said, “We are delighted to be able to further develop our alliance with James Fielding Group in the area of infrastructure funds management.

“We have for many years been at the forefront of privately owned infrastructure project origination and development, and joining forces with James Fielding Group provides a good opportunity expand into funds management,” said Mr King.

“Leighton Holdings has committed to invest $10 million seed capital in James Fielding Infrastructure’s funds and may further invest in its funds as the business grows, on a case-by-case basis subject to Leighton’s normal Board approval process,” said Mr King.

James Fielding Infrastructure currently has $300 million worth of funds under management. Further details on the structure of James Fielding Infrastructure and its current mandates are detailed in the attached presentation.

For further information, please contact:
Greg Paramor
Managing Director
James Fielding Group
Tel: 02 9274 7700
Fax: 02 9274 7773

Alan O Sullivan
Director - James Fielding Infrastructure
James Fielding Group
Tel: 02 9274 7700
Fax: 02 9274 7773

Wal King
Chief Executive Officer
Leighton Holdings
Tel: 02 9925 6912
Fax: 02 9925 6005

Attachments:
James Fielding Group and Leighton Holdings Limited Joint Venture Presentation view pdf (2.0Mb) >